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June 10, 2023
Polkadot dropped to $4.25, hitting its lowest point in 5 months. Later, it recovered $0.245 and is now trading at $4.5.
Polkadot fell below the $4.92 support zone and moved 43 cents beyond it; the next level of support with significant buyer interest is estimated at $4.88. The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Polkadot has just crossed the lower Bollinger Band® at $4.76, indicating further losses could be forthcoming. In contrast, the RSI is a momentum oscillator that measures changing price movements on a scale of 0-100. In Polkadot's case, the index has fallen below 30, signalling that the asset is oversold.
Looking forward, Polkadot is poised to extend its strong downtrend and continue declining.
In the meantime, negative performances are also seen in other markets, Litecoin closed at $76.96 (down 13.78%). After ending today's session at $0.07, Dogecoin lost $0.008 and is trading around $0.061. Avalanche closed at $11.58 (down 15.85%).
Over the past 9 months, Polkadot has retreated 47.68% from a noteworthy peak of $9.52. Polkadot is currently trading with a market cap of 5.36 billion with an average daily volume of 101.38 million.
